Education provider raises $7.5 million venture fund

February 16th, 2012 - 9:39 pm ICT by IANS  

Bangalore, Feb 16 (IANS) Global education training provider Edusys raised $7.5 million (Rs.37 crore) from leading venture firm Sequoia Capital in the first round of funding to expand its business through product introductions and strengthen its core team.

The eight-year-old company, however, has not disclosed the quantum of equity dilution to the venture firm and the promoter’s holding after the first round of funding.

“We see huge opportunity for growth in the $48-billion test preparation and certification market globally. The fresh capital will enable us to expand our operations rapidly through new hiring and product addition,” Edusys chief executive Tridibesh Satpathy said in a statement Thursday.

With a customer base of 3,500 firm worldwide and students from 150 countries, this tech hub based Edusys offers specific courses and tests to professionals for bettering career prospects.

“Edusys’ robust learning management system and sound back office processes have benefitted over 100,000 students from the world over since its inception in 2004.

Its education delivery model offers a variety of courses spanning domains within professional education,” Sequia managing director G.V. Ravishankar said.

The company has also created a technology platform and business model to offer quality courses on a virtual delivery model that is cost effective and scalable.

“The courses are designed to provide flexibility to students with innovative training styles and ease in accessibility,” Satpathy said.

The company plans to double its workforce in the ensuing fiscal (2012-13) to 250 to work for an innovative global opportunity.

Global consulting and research firm Deloitte ranked Edusys as the fifth fastest growing firm with a whopping 650 percent cumulative growth over the last three years.

Edusys courses are recognised by global institutions such as Project Management Institute in the US and APMG International in Britain.

“We create industry hallmarks like knowledge enrichment, skill sharpening, and competitive edge through online and classroom courses and tests,” Satpathy added./Eom/fb/19:25 (315 words)

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